UK: Packaged Living and Buccleuch Property have acquired a 150-unit coliving development in Woolwich, south-east London.
The asset currently consists of a mixed-use commercial property leased to retail and office occupiers.
The new development opportunity has a GDV of £40 million and is located on Beresford Square, Woolwich. Situated within a five-minute walk of Woolwich Station, the site provides direct access into central London.
This transaction represents the third deal undertaken between Packaged and Buccleuch and follows on from multi-family BTR developments in Basingstoke and Sheffield.
Ed Owen, investment director at Packaged Living, said: “Following detailed analysis of the coliving sector in London, we are delighted to have now launched our strategy and secured our first asset. The demand/supply imbalance for high quality, professionally managed, rental housing in London is high and we see coliving as part of the solution to help ease the supply shortfall. Alongside our complimentary strategies in regional multifamily, garden-style housing, and single-family housing, we are actively seeking further opportunities across London to build out our coliving portfolio. We are also delighted to have concluded another transaction with Buccleuch Property with whom we first partnered in 2022 and have successfully secured a strong development portfolio of MFH assets nationwide.”
Sandy Smith, development director at Buccleuch, added: “Buccleuch Property are thrilled to have secured our third opportunity with our partners at Packaged Living and we are very excited about bringing forward our first co-living scheme with them to complement our other projects. We have been monitoring the coliving sector for some time and feel that our proposals in Woolwich will deliver an exceptional product with unbeatable ‘connectivity’.”
Shoosmiths advised on the legals associated with the acquisition.
